By the numbers, roughly 25.2 million shares of CLF have traded thus far. Meanwhile, in the options pits, 41,539 calls have crossed the tape -- eight times the average intraday pace -- compared to around 6,552 puts.

Most active are CLF's January 2017 5.50- and 7-strike calls, where it looks like one speculator may be initiating a short call spread. Elsewhere, shorter-term traders appear to be purchasing new positions at CLF's weekly 4/29 5- and 5.50-strike calls. If this is the case, the call buyers expect the security to extend today's rally through tomorrow's close, when the weekly series expires.

Echoing this call-skewed backdrop is CLF's Schaeffer's put/call open interest ratio (SOIR) of 0.62. Not only does this show that calls outweigh puts among options expiring in three months or less, but it sits lower than 87% of all comparable readings taken in the past year. In other words, short-term speculators are more call-heavy than usual.

On the charts, Cliffs Natural Resources Inc (NYSE:CLF) has been fighting back since bottoming at a 28-year low of $1.20 in mid-January -- up more than 352%. What's more, CLF stock has torn through multiple levels of resistance during this uptrend, and is currently on track for its first close north of $5 since last June.